Market Research Workshop: Good solid market research lays the foundation for your business plan.
According to Bloomberg, about 80% of entrepreneurs’ business ventures fail within the first 18 months.
Whether just setting out with a great entrepreneurial idea or perhaps already finding yourself struggling to stay on track and keep your business solvent, the most crucial first step is market research.
Market research provides businesses with information on a range of topics, from consumer’s wants, needs, and shopping behaviors, all the way to competitive analysis, and even full industry breakdowns. So, depending on the main challenges confronting your business, there are ways to research new solutions.
Why do businesses fail?
Business ventures, especially in their early stages, are vulnerable to a host of seemingly insurmountable challenges and can take a lot of hits from many angles. Here are some of the most common reasons small businesses fail:
- Directing towards the wrong market with your product/service
- Overestimating the size of the market
- Wrong product positioning
- An inadequate understanding of the target market segment
- Misleading market research doesn’t accurately reflect real-world consumer behavior or needs
Almost all new businesses are launched with the goal of offering their customers a terrific product or service that will solve all their problems. Which is great! It’s important, however, to be able to recognize an industry or a target market that will allow your business viability, in the beginning as well as long term.
Keep the following three questions in mind:
- Do you know who your target market is, what their characteristics and behaviours are?
- Do you know who you competitors are, what their business models are and who their clients are?
- Do you know how to analyze the trends which could be affecting your current market and the trends which could happen in the future?
Chances are that you’ve given some thought to the above but haven’t taken the time to research any of them in detail.
A new workshop offered by KAST in Nelson can help navigate these data-filled waters.
Market research can often feel like a daunting task and it’s hard to know where to start.
Finding out about your competition – what your target market wants and needs from your proposed product or service is critical, especially a technical business or one targeting a new and untested market. If you have an innovative business idea, this workshop covers the basics and also provides tools and resources for your business – saving you time and money!
Speaker Pamela Clausen has worked at Community Futures for 10+ years and has helped hundreds of businesses design market research strategies.
Market Research Workshop – December 16, 2015
WHEN: Wednesday, 16 December 2015 from 1:00 PM to 4:00 PM (PST)
WHERE: Community Futures Development Corporation Of Central Kootenay – 201-514 Vernon St Nelson, BC